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1. I own a home in Texas. I recently heard that 100% of your

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mortgage interest is tax deductible...
1. I own a home in Texas. I recently heard that 100% of your mortgage interest is tax deductible (if doing itemized deductions vs. standard). Is this true?2. Also, are major home improvements tax deductible...such as replacing shingles on roof, replacing the driveway, foundation work, etc.
Submitted: 1 year ago.Category: Tax
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4/23/2016
Tax Professional: Lev, Tax Advisor replied 1 year ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,160
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1.Yes - that is correct.You will likely itemize if your itemized deduction is more than your standard deduction amount.You may deduct mortgage interest on you primary and ONE secondary home.That deduction is claimed on schedule C - line 10https://www.irs.gov/pub/irs-pdf/f1040sa.pdf
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Tax Professional: Lev, Tax Advisor replied 1 year ago
Home acquisition debt is a mortgage you took out after October 13, 1987, to buy, build, or substantially improve a qualified home (your main or second home). It also must be secured by that home.The total amount you can treat as home acquisition debt at any time on your main home and second home cannot be more than $1 million ($500,000 if married filing separately).So - there is some limit - but for most taxpayers 100% of interest is deductible.2.The cost of home improvements are NOT deductible - but added to the basis of your home - these are CAPITAL investments. That will reduce your gain when the property eventually will be sold..I appreciate if you take a moment to rate the answer.Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all tax related issues.
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